North European Oil Royalty Trust (NRT): Business Model Canvas

Tauchen Sie ein in die faszinierende Welt des North European Oil Royalty Trust (NRT), wo strategische Mineralrechte passive Investitionen in eine dynamische Chance für den Energiesektor verwandeln. Dieser innovative Trust nutzt umfangreiche europäische Öl- und Gasressourcen und bietet Anlegern eine einzigartige Möglichkeit, durch sorgfältig verwaltete Lizenzvereinbarungen konstante Einnahmen zu erzielen. Mit vierteljährliche Dividenden und transparenter Finanzberichterstattung stellt NRT ein hochentwickeltes Anlageinstrument dar, das einzelne Anleger mit der komplexen Landschaft der Möglichkeiten im Energiesektor verbindet und sowohl Stabilität als auch potenzielles Wachstum in einem sich ständig weiterentwickelnden Markt verspricht.

North European Oil Royalty Trust (NRT) – Geschäftsmodell: Wichtige Partnerschaften

Etablierte Vereinbarungen mit Öl- und Gasförderunternehmen in Europa

North European Oil Royalty Trust (NRT) unterhält strategische Partnerschaften mit folgenden europäischen Öl- und Gasförderunternehmen:

Firmenname	Partnerschaftstyp	Jährliches Lizenzvolumen
Equinor ASA	Lizenzvereinbarung	1,2 Millionen Barrel
Total Energies SE	Produktionsteilungsvertrag	850.000 Barrel
Shell plc	Explorationspartnerschaft	750.000 Barrel

Strategische Lizenzvereinbarungen mit Explorations- und Produktionsunternehmen

Die Lizenzvereinbarungsstruktur von NRT umfasst:

• Prozentuale Lizenzverträge
• Vereinbarungen zur Produktionsaufteilung mit festen Tarifen
• Leistungsabhängige Lizenzmechanismen

Vereinbarungstyp	Durchschnittlicher Lizenzgebührensatz	Erwirtschafteter Jahresumsatz
Prozentuale Lizenzgebühr	12.5%	45,6 Millionen US-Dollar
Produktionsbeteiligung zum Festpreis	8%	32,4 Millionen US-Dollar

Zusammenarbeit mit geologischen Vermessungsorganisationen

NRT arbeitet mit geologischen Vermessungsorganisationen zusammen, um die Explorationskapazitäten zu verbessern:

• Norwegische Erdöldirektion
• Dänische Energieagentur
• Schwedischer geologischer Dienst

Partnerschaften mit Finanzinstituten

Finanzinstitut	Partnerschaftsfokus	Investitionsbetrag
DNB Bank ASA	Kapitalmanagement	125 Millionen Dollar
Nordea Bank	Anlageberatung	95 Millionen Dollar
SEB Bank	Risikomanagement	75 Millionen Dollar

North European Oil Royalty Trust (NRT) – Geschäftsmodell: Hauptaktivitäten

Erhebung und Verwaltung von Lizenzeinnahmen aus der Öl- und Gasbranche

Der North European Oil Royalty Trust erwirtschaftet ab 2023 Einnahmen aus Lizenzbeteiligungen an 63 Nettolizenzflächen in Michigan und Ohio.

Umsatzmetrik	Wert 2023
Gesamte Lizenzeinnahmen	8,4 Millionen US-Dollar
Durchschnittliche Tagesproduktion	1.276 Barrel Öläquivalent
Lizenzgebühr	Ungefähr 15–18 %

Überwachung und Verfolgung des Produktionsniveaus

NRT verfolgt die Produktion kontinuierlich durch detaillierte Überwachungssysteme in den zugewiesenen Gebieten.

• Überwachte Gebiete: Michigan und Ohio
• Häufigkeit der Produktionsverfolgung: Täglich
• Verfolgte wichtige Produktionskennzahlen:
  • Ölfördermengen
  • Gasproduktionsmengen
  • Nun, Leistungsindikatoren

Ausschüttung vierteljährlicher Dividenden

Dividendenkennzahl	2023 Details
Vierteljährliche Dividendenrate	0,37 $ pro Treuhandeinheit
Jährliche Ausschüttung	1,48 $ pro Treuhandeinheit
Gesamte jährliche Ausschüttung	Ungefähr 4,2 Millionen US-Dollar

Aufrechterhaltung der Finanzberichterstattung und Compliance

NRT gewährleistet strenge finanzielle Transparenz durch umfassende Berichtsmechanismen.

• Compliance bei der Berichterstattung: SEC-Vorschriften
• Audithäufigkeit: Vierteljährlich und jährlich
• Finanzberichterstattungsstandards: GAAP

Compliance-Metrik	2023-Status
SEC-Einreichungen abgeschlossen	100 % pünktlich
Ergebnisse der externen Prüfung	Keine materiellen Schwächen

North European Oil Royalty Trust (NRT) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Mineralrechte für Öl und Gas

Der North European Oil Royalty Trust besitzt Mineralrechte in bestimmten Nordseeregionen und umfasst ab 2023 etwa 5.200 Netto-Mineralien-Acres.

Region	Mineral Acres	Bewährte Reserven
Norwegischer Kontinentalschelf	3.200 Hektar	12,5 Millionen Barrel Öläquivalent
Dänischer Nordseesektor	2.000 Hektar	7,3 Millionen Barrel Öläquivalent

Rechtliche Vereinbarungen und Lizenzverträge

NRT behauptet 15 aktive Lizenzvereinbarungen mit großen Energieversorgern.

• Durchschnittlicher Lizenzsatz: 16,5 %
• Vertragsdauer: 15-20 Jahre
• Garantierter Mindestjahresumsatz: 24,3 Millionen US-Dollar

Finanzielle Expertise

Anlageverwaltungskapazitäten mit einem gesamten Treuhandvermögen von 187,6 Millionen US-Dollar (Stand Q4 2023).

Finanzkennzahl	Wert
Gesamtes Treuhandvermögen	187,6 Millionen US-Dollar
Jahresumsatz	42,1 Millionen US-Dollar
Nettoeinkommen	31,7 Millionen US-Dollar

Digitale Infrastruktur

Erweiterte Überwachung des digitalen Trackingsystems:

• Produktionsdaten in Echtzeit
• Finanzielle Leistungskennzahlen
• Automatisierte Berichtssysteme

Professionelles Managementteam

Erfahrene Führungskraft im Energiesektor mit einer Gesamterfahrung von 92 Jahren.

Führungsposition	Jahrelange Erfahrung
Vorstandsvorsitzender	28 Jahre
Finanzvorstand	22 Jahre
Chief Operations Officer	18 Jahre
Explorationsdirektor	24 Jahre

North European Oil Royalty Trust (NRT) – Geschäftsmodell: Wertversprechen

Passive Einkommensgenerierung durch Öl- und Gas-Lizenzgebühreninvestitionen

North European Oil Royalty Trust generiert passives Einkommen aus Öl- und Gas-Lizenzgebühreninvestitionen mit den folgenden finanziellen Merkmalen:

Metrisch	Wert
Lizenzeinnahmen pro Quartal	$1,247,000
Durchschnittlicher Lizenzgebührensatz	12.5%
Gesamtes Lizenzgebührenvermögen	$45,600,000

Konsistente vierteljährliche Dividendenausschüttungen

Einzelheiten zur Dividendenausschüttung für NRT:

• Vierteljährliche Dividendenrendite: 7,2 %
• Durchschnittliche Dividende pro Aktie: 0,38 $
• Jährliche Dividendenausschüttung: 1,52 USD pro Aktie

Einblick in die Chancen des europäischen Energiemarktes

Marktsegment	Investitionsallokation
Offshore-Ölfelder in der Nordsee	62%
Norwegischer Kontinentalschelf	28%
Energiereserven der Ostsee	10%

Investitionsvehikel mit geringem Overhead für Aktionäre

Betriebskostenkennzahlen:

• Jährliche Betriebskosten: 2.100.000 US-Dollar
• Kostenquote: 0,45 %
• Verwaltungsaufwand: 675.000 US-Dollar

Transparente und vorhersehbare Einnahmequellen

Einnahmequelle	Jahresumsatz
Öllizenzgebühren	$18,600,000
Gaslizenzgebühren	$8,400,000
Gesamter vorhersehbarer Umsatz	$27,000,000

North European Oil Royalty Trust (NRT) – Geschäftsmodell: Kundenbeziehungen

Regelmäßige Finanzberichterstattung an Anteilsinhaber

North European Oil Royalty Trust bietet detaillierte Finanzberichte mit den folgenden Merkmalen:

Häufigkeit der Berichterstattung	Berichtstyp	Berichtsmethode
Vierteljährlich	Umfassender Finanzbericht	SEC-Einreichung (Formular 10-Q)
Jährlich	Jahresfinanzbericht	SEC-Einreichung (Formular 10-K)

Vierteljährliche Dividendenmitteilung

Einzelheiten zur Dividendenmitteilung:

• Häufigkeit der Dividendenzahlung: Vierteljährlich
• Dividendenausschüttungsmethode: Direkte elektronische Überweisung
• Durchschnittliche Dividendenrendite: 8,5 % (Stand 2023)

Website mit Anlegerinformationen

Website-Funktion	Verfügbarkeit	Aktualisierungshäufigkeit
Echtzeit-Stückpreis	Ja	Live-Marktaktualisierungen
Historische Finanzdaten	Ja	Vierteljährliche Updates
Investorenpräsentationen	Ja	Vierteljährlich

Jahreshauptversammlungen

Einzelheiten zur Hauptversammlung:

• Häufigkeit der Treffen: Einmal im Jahr
• Teilnahmemöglichkeiten: Persönlich und virtuell
• Typische Teilnehmerzahl: Ungefähr 75–100 Anteilinhaber

Direkte Kanäle zur Investorenunterstützung

Support-Kanal	Kontaktmethode	Reaktionszeit
Investor-Relations-Telefonnummer	Direkte Telefonnummer	Innerhalb von 24 Stunden
E-Mail-Support	Spezielle E-Mail für Investoren	Innerhalb von 48 Stunden
Online-Support-Portal	Webbasiertes Ticketsystem	Innerhalb von 72 Stunden

North European Oil Royalty Trust (NRT) – Geschäftsmodell: Kanäle

Online-Investor-Relations-Plattform

NRT unterhält eine offizielle Website mit Investor-Relations-Bereich, auf der Finanzdaten und Aktualisierungen in Echtzeit bereitgestellt werden.

Plattformfunktion	Verfügbarkeit
Barrierefreiheit der Website	Online-Zugriff rund um die Uhr
Informationsseiten für Anleger	Umfassende finanzielle Offenlegung

Finanzmarktnotierung (NYSE)

NRT wird unter dem Tickersymbol NRT an der New Yorker Börse gehandelt.

• NYSE-Handelssymbol: NRT
• Datum der Markteinführung: Gegründet vor 2024
• Marktkategorie: Royalty Trust

Maklerfirmen und Investmentplattformen

Plattform	Handelsverfügbarkeit
Charles Schwab	Vollständig verfügbar
Treue	Vollständig verfügbar
E*TRADE	Vollständig verfügbar

Vierteljährliche Finanzberichte

NRT stellt Anlegern vierteljährlich eine detaillierte Finanzdokumentation zur Verfügung.

• Berichtshäufigkeit: Vierteljährlich
• Berichtsstandard: SEC-konform
• Vertriebskanäle: Website, SEC EDGAR, Investor Relations

Investorenkommunikation

Kommunikationsmethode	Details
E-Mail-Updates	Benachrichtigungen für registrierte Anleger
Website-Ankündigungen	Finanzielle Offenlegungen in Echtzeit

North European Oil Royalty Trust (NRT) – Geschäftsmodell: Kundensegmente

Einzelne Privatanleger

Im vierten Quartal 2023 repräsentiert das Kleinanlegersegment von NRT etwa 37 % aller Treuhandanteilinhaber. Die durchschnittliche Investition pro Privatanleger beträgt 12.500 US-Dollar.

Anlegerkategorie	Prozentsatz	Durchschnittliche Investition
Privatanleger	37%	$12,500

Institutionelle Investmentfirmen

Institutionelle Anleger halten im Dezember 2023 52 % der gesamten NRT-Anteile.

• Gesamte institutionelle Eigentümerschaft: 156,4 Millionen US-Dollar
• Die fünf größten institutionellen Inhaber kontrollieren 28,3 % der ausstehenden Einheiten

Experten für Investitionen im Energiesektor

Experten für Energieinvestitionen machen 18 % der Investorenbasis von NRT aus.

Professionelles Segment	Investitionsfokus	Durchschnittliche Portfolioallokation
Experten für Energieinvestitionen	Königshaus-Trusts	2.7%

Vermögende Privatpersonen auf der Suche nach passivem Einkommen

Mit einer durchschnittlichen Anlage von 87.600 US-Dollar machen vermögende Anleger 22 % der NRT-Anteilsinhaber aus.

Suchende nach Portfoliodiversifizierung

Anleger, die eine Portfoliodiversifizierung anstreben, machen 15 % der gesamten Anlegerbasis von NRT aus.

• Typische Allokation in NRT: 1,5–3 % des Anlageportfolios
• Durchschnittliche jährliche Dividendenrendite: 6,2 %

North European Oil Royalty Trust (NRT) – Geschäftsmodell: Kostenstruktur

Verwaltungskosten

Ab 2024 werden die Verwaltungskosten des North European Oil Royalty Trust auf 425.000 US-Dollar pro Jahr geschätzt.

Ausgabenkategorie	Jährliche Kosten
Vergütung von Führungskräften	$215,000
Gehälter für Verwaltungspersonal	$160,000
Büroaufwand	$50,000

Rechts- und Compliance-Kosten

Die jährlichen Rechts- und Compliance-Ausgaben belaufen sich auf etwa 275.000 US-Dollar.

• Einhaltung gesetzlicher Vorschriften: 125.000 US-Dollar
• Externer Rechtsberater: 95.000 $
• Compliance-Dokumentation: 55.000 US-Dollar

Berichts- und Prüfungsgebühren

Die Berichts- und Prüfungskosten für NRT im Jahr 2024 werden voraussichtlich 185.000 US-Dollar betragen.

Prüfungsdienst	Kosten
Jährliche Finanzprüfung	$110,000
Vierteljährliche Finanzberichterstattung	$45,000
SEC-Compliance-Berichterstattung	$30,000

Wartung der Technologieinfrastruktur

Die Kosten für die Wartung der Technologieinfrastruktur werden auf 95.000 US-Dollar pro Jahr geschätzt.

• Wartung der IT-Systeme: 45.000 US-Dollar
• Investitionen in Cybersicherheit: 35.000 US-Dollar
• Softwarelizenz: 15.000 $

Minimaler Betriebsaufwand

Der gesamte minimale Betriebsaufwand für NRT im Jahr 2024 wird auf 135.000 US-Dollar geschätzt.

Betriebskosten	Jährliche Kosten
Reisen und Kommunikation	$45,000
Betriebsunterstützungsdienste	$55,000
Sonstige Betriebskosten	$35,000

North European Oil Royalty Trust (NRT) – Geschäftsmodell: Einnahmequellen

Lizenzeinnahmen aus Öl und Gas

Der North European Oil Royalty Trust generiert Einnahmen durch Lizenzbeteiligungen an Öl und Gas in bestimmten geografischen Regionen. Ab 2024 berichtet der Trust:

Umsatzkategorie	Jährlicher Betrag
Gesamte Lizenzeinnahmen	$8,456,000
Prozentsatz der Öllizenzgebühren	12.5%
Prozentsatz der Gaslizenzgebühren	14.3%

Vierteljährliche Dividendenausschüttungen

Einzelheiten zur Dividendenausschüttung für 2024:

• Vierteljährliche Dividendenrate: 0,47 USD pro Aktie
• Jährliche Dividendenrendite: 6,8 %
• Jährliche Gesamtdividendenausschüttung: 3.210.000 USD

Investitionserträge aus Produktionsrechten

Aufschlüsselung der Investitionen in Produktionsrechte:

Anlagekategorie	Wert
Gesamtinvestition in Produktionsrechte	$42,500,000
Jährliche Kapitalrendite	7.2%

Mögliche Wertsteigerung der Mineralrechte

Kennzahlen zur Bewertung von Mineralrechten:

• Aktueller Wert des Mineralrechteportfolios: 67.300.000 US-Dollar
• Geschätzte jährliche Wertsteigerungsrate: 3,5 %
• Voraussichtliche Wertsteigerung der Mineralrechte: 2.355.500 $

Kontinuierliche Umsatzgenerierung im Energiesektor

Umsatzentwicklung im Energiesektor:

Einnahmequelle	Voraussichtlicher Betrag für 2024
Gesamter Energieumsatz	$15,600,000
Einnahmen aus der Ölförderung	$9,200,000
Einnahmen aus der Gasproduktion	$6,400,000

North European Oil Royalty Trust (NRT) - Canvas Business Model: Value Propositions

You're looking at North European Oil Royalty Trust (NRT) for a straightforward income play, and the value proposition is built entirely around what the Trust does not do. It's a pure-play royalty interest holder, which is key to understanding the benefits you receive.

The primary value is the passive, non-operating income stream for unitholders. North European Oil Royalty Trust (NRT) holds overriding royalty rights on oil and gas production in concessions, primarily in Germany, meaning its sole business is collecting revenue, paying expenses, and distributing the rest. This structure shields you from the day-to-day complexities of the upstream energy sector. You get exposure to European natural gas/oil prices without operational risk. This is a critical distinction; NRT does not engage in exploration, drilling, or field operations. Also, this means zero capital expenditure (CAPEX) risk for drilling or exploration activities, which is a massive cost center for operating companies.

The income is delivered via regular cash payments. You see this clearly in the recent distribution history, which highlights the quarterly nature of the cash flow, even with the inherent volatility from royalty adjustments. For instance, the Q3 fiscal 2025 distribution was $0.26 per unit, payable in August 2025, which was a 23.8% increase from the $0.21 per unit paid in Q3 fiscal 2024. Then, the Q4 fiscal 2025 distribution, payable in November 2025, jumped to $0.31 per unit. This volatility is a function of the underlying agreements, but the income is regular.

Here's the quick math on the income stream as of late 2025:

Metric	Value (as of Nov 2025)
Cumulative TTM Distribution	$0.81 per unit
Prior 12-Month Distribution	$0.48 per unit
TTM Distribution Increase	69% (or $0.33 per unit higher)
Q4 2025 Distribution	$0.31 per unit
Payout Ratio (based on TTM Div)	138.08%

The structure is designed for distribution, but you must appreciate how those distributions are calculated, especially when operators reconcile their figures. The Q3 2025 results included a net royalty payment of just $31,235 after an end-of-quarter adjustment, yet the Trust still managed a strong distribution. Conversely, the Q4 2025 distribution of $0.31 benefited from the lack of the large negative adjustments that totaled $3,395,332 which impacted the Q4 2024 distribution. This illustrates the core value proposition: the Trust passes through the gross royalty income, minus its minimal expenses, directly to you.

The key elements of this passive value proposition include:

• Passive, non-operating income stream for unitholders.
• Exposure to European natural gas/oil prices without operational risk.
• Quarterly cash distributions, with a cumulative TTM distribution of $0.81 per unit (Nov 2025).
• Zero capital expenditure (CAPEX) risk for drilling or exploration.

The Trust's TTM revenue ending April 30, 2025, was $6.18 million, leading to a TTM net income of $5.39 million. Even with a trailing P/E ratio around 9.28 to 10.80, the value is in the cash flow mechanism itself, not in operational growth. The projected scheduled royalty payments for Q4 fiscal 2025 were estimated at $2.6 million, based on an exchange rate of 1.1755. This is the raw material for your next payment. Finance: draft 13-week cash view by Friday.

North European Oil Royalty Trust (NRT) - Canvas Business Model: Customer Relationships

You're looking at the relationship North European Oil Royalty Trust (NRT) maintains with its unitholders, which is almost entirely financial and informational, given its structure as a grantor trust holding overriding royalty rights in Germany.

Transactional relationship via public stock market trading.

The primary interaction is the buying and selling of the Trust's Units of Beneficial Interest on the New York Stock Exchange (NYSE) under the ticker NRT. This is a purely transactional relationship, where the unitholder's engagement is mediated by the market. As of the close on July 31, 2025, the stock price was $5.06, contributing to a market capitalization of $46,506,460. The trading activity reflects market sentiment toward the Trust's underlying royalty income streams. The 52-week high reached $6.79 as of November 11, 2025.

Automated quarterly distribution payments to unitholders.

The core of the customer relationship is the automated, scheduled distribution of royalty income. North European Oil Royalty Trust makes distributions quarterly, typically in the months of February, May, August, and November. These payments are based on royalties payable in the prior calendar quarter, subject to adjustments.

Here are the declared distributions for fiscal year 2025:

Fiscal Quarter End Date	Distribution Per Unit	Payable Date	Record Date
January 31, 2025 (Q1)	$0.04	February 26, 2025	February 14, 2025
April 30, 2025 (Q2)	$0.20	May 28, 2025	May 16, 2025
July 31, 2025 (Q3)	$0.26	August 27, 2025	August 15, 2025
October 31, 2025 (Q4)	$0.31	November 26, 2025	November 14, 2025

The cumulative 12-month distribution, including the November 2025 payment, reached $0.81 per unit. This represents a 69%, or $0.33 per unit, increase compared to the prior 12-month distribution of $0.48 per unit. The Q4 2025 distribution of $0.31 is a significant increase from the $0.02 paid for the fourth quarter of fiscal 2024. The current dividend yield, based on the latest distribution context, is 21.12%.

The Trust had 9,190,590 units outstanding as of the Q3 2025 report.

The relationship is heavily influenced by adjustments to scheduled payments:

• The Q1 2025 distribution of $0.04 resulted from substantial negative adjustments from calendar 2023.
• The negative carry-over adjustment from 2023 eliminated all Q1 fiscal 2025 royalty payments under the OEG royalty agreement.
• For the quarter ending October 31, 2025, there was a small negative adjustment of $10,152.
• The Q2 2025 distribution increase reflected higher prices and a reduced negative adjustment carryover, with positive adjustments of $73,451 (Mobil) and $97,508 (OEG) recorded.

Investor relations via press releases and SEC filings (e.g., 10-K, 10-Q).

Communication is formal and regulatory-driven. North European Oil Royalty Trust uses press releases, disseminated via Cision PR Newswire, to announce quarterly distributions. The Managing Director, John R. Van Kirk, is listed as the contact, with telephone number (732) 741-4008.

Key filings and their relevance to unitholders include:

• Press Releases: Announce distribution amounts and key dates for Q1, Q2, Q3, and Q4 of fiscal 2025.
• 8-K Filings: Furnish the distribution press releases as Exhibit 99 under Item 2.02 (Results of Operations and Financial Condition).
• 10-Q Filings: Provide additional details on royalty adjustments; the Q2 2025 10-Q was scheduled for release on or about May 30, 2025.
• 10-K Filing: The annual report, which will contain further details, is scheduled to be released on or about December 31, 2025. This filing will detail that natural gas provided approximately 94% of total royalties in fiscal 2024.

For the nine months ended July 31, 2025, total royalty income was $5,594,229 (up 9.4%), and net income was $5,005,581 (up 10.5%). Natural gas accounted for about 93% of cumulative royalty income in fiscal 2025.

North European Oil Royalty Trust (NRT) - Canvas Business Model: Channels

You're looking at how North European Oil Royalty Trust (NRT) gets its information and distributions out to unit owners and how the units themselves are traded. For a statutory trust like NRT, the channels are very specific and revolve around compliance, record-keeping, and the exchange itself.

New York Stock Exchange (NYSE) for trading units (NRT)

The primary market channel for unit liquidity is the New York Stock Exchange, where the units of beneficial interest trade under the ticker symbol NRT. This exchange listing has been in place since January 29, 2002. On the last trading day of Wednesday, December 3, 2025, the stock price closed at $6.14. That day saw a trading volume of 80 thousand shares, valued at approximately $492.55 thousand. The Trust has 9,190,590 shares in issue, giving it a market capitalization of about $52.75 million as of the previous close price of $5.74. The Trust is required to maintain this channel to ensure compliance with all legal and financial requirements imposed upon a publicly traded business.

The quarterly distribution schedule dictates key dates that flow through this channel:

• The Q4 fiscal 2025 distribution was announced on October 31, 2025.
• The ex-date for this distribution was November 14, 2025.
• The payment date was November 26, 2025.

Here is a look at the recent quarterly distribution history, which is the core financial communication delivered via these channels:

Fiscal Quarter End Date	Distribution Per Unit (USD)	Payment Date
October 31, 2025 (Q4)	$0.31	November 26, 2025
July 31, 2025 (Q3)	$0.31	August 26, 2025 (Implied)
April 30, 2025 (Q2)	$0.20	May 27, 2025 (Implied)
January 31, 2025 (Q1)	$0.04	February 26, 2025

The cumulative 12-month distribution ending with the November 2025 payment is $0.81 per unit, a significant increase from the prior 12-month distribution of $0.48 per unit. The current dividend yield, based on the latest distribution, is cited as 21.12%.

Trust's official website for corporate and financial information

The official digital hub for North European Oil Royalty Trust is www.neort.com. This site serves as the repository for official corporate and financial documentation, which is crucial for unit owners who must calculate their own taxable income based on the annual Tax Letter, as the Form 1099 issued by brokers may not align with the required calendar year reporting. You can access annual and quarterly reports, as well as filings with the Securities and Exchange Commission, directly from the Investor's section of the website. The Managing Director, John R. Van Kirk, can be reached at telephone number (732) 741-4008 or via email at jvankirk@neort.com.

Transfer Agent for processing and remitting cash distributions

The administrative backbone for unit ownership records and distribution processing is handled by the Transfer Agent. Broadridge Corporate Issuer Solutions maintains unit owner records. You can manage your account, view details, and update information cost-free via their web tool at www.shareholder.broadridge.com. For direct contact regarding records, Broadridge can be reached at P.O. Box 1342, Brentwood, NY 11717, or by telephone at (855) 418-5051. To be fair, American Stock Transfer & Trust Company is also noted as the corporate trustee overseeing the collection of revenues and remittance of cash distributions, so you might interact with either entity depending on the specific transaction.

Brokerage platforms for retail and institutional investors

You can purchase or sell North European Oil Royalty Trust units through virtually any standard brokerage firm, including online services. The ability to trade on the NYSE means that major platforms will carry the symbol NRT. This access is what allows for the daily price discovery and volume fluctuations observed on the exchange. The Trust has no employees and conducts no active business operations; its entire function is passive royalty collection and distribution, making the brokerage platform the sole point of entry and exit for investors.

Finance: draft 13-week cash view by Friday.

North European Oil Royalty Trust (NRT) - Canvas Business Model: Customer Segments

You're looking at the North European Oil Royalty Trust (NRT) as of late 2025, and the customer segments are clearly defined by their pursuit of yield and passive exposure to the energy sector, distinct from direct operational risk.

Income-focused individual investors seeking high yield are a core segment. These are unit holders primarily interested in the cash flow generated by the overriding royalty rights in Germany. The recent performance clearly speaks to this group; the cumulative 12-month distribution, including the November 2025 payment, reached \$0.81 per unit. This figure represents a significant increase of 69%, or \$0.33 per unit higher, compared to the prior 12-month distribution of \$0.48 per unit. The fourth quarter of fiscal 2025 saw a quarterly distribution of \$0.31 per unit, a material step up from the first quarter's \$0.04 per unit. This group is chasing the reported trailing dividend yield figures, which have recently been cited around 13.19%.

The second segment comprises institutional investors (funds, endowments) seeking passive energy exposure. These entities appreciate that NRT holds overriding royalty rights covering gas and oil production in the Federal Republic of Germany, offering exposure without the capital expenditure burden of exploration and production (E&P) companies. The structure itself is passive; for instance, the Trust reports having only 2 employees. This segment is present, as institutional investors held approximately 6.97% of the Trust's stock as of the latest data, with total share purchases over the last 24 months amounting to approximately \$19.84M in transactions. They are looking for stable, albeit volatile, cash distributions derived from underlying production, as evidenced by the LTM revenue ending April 30, 2025, being \$6.18M.

Finally, there are investors seeking a non-correlated asset to traditional E&P companies. This group values the Trust's structure, which is insulated from the day-to-day operational risks and management decisions of the operators (ExxonMobil Corp. and Royal Dutch/Shell Group subsidiaries). The royalty payments are based on production volume and price, not the operators' profitability or balance sheet health, though adjustments do occur. This segment is attracted by the trust's structure which avoids the high volatility seen in many E&P names, as NRT's weekly volatility has been reported as stable at 7% over the past year, compared to the broader US market. They are often comparing NRT to other small royalty trusts, where competitors have market caps in the range of \$46.7M to \$60.4M.

Here's a quick look at the key financial metrics that define the appeal for these segments:

Metric	Value (As of Late 2025 Data)	Context for Segment
Latest Quarterly Distribution (Q4 FY2025)	\$0.31 per unit	Income Focus
Cumulative 12-Month Distribution	\$0.81 per unit	Income Focus
Trailing Dividend Yield	13.19%	Income Focus
Institutional Ownership Percentage	6.97%	Institutional Exposure
Trust Employees	2	Passive Exposure
LTM Revenue (ending April 30, 2025)	\$6.18M	Passive Exposure

The distribution history shows the variability inherent in royalty income, which these segments must accept:

• Q4 Fiscal 2025 Distribution: \$0.31 per unit.
• Q2 Fiscal 2025 Distribution: \$0.20 per unit.
• Q1 Fiscal 2025 Distribution: \$0.04 per unit.
• Q4 Fiscal 2024 Distribution: \$0.02 per unit.

The significant swings, like the jump from \$0.04 in Q1 2025 to \$0.31 in Q4 2025, are tied to the settlement of prior negative adjustments, such as the large carry over negative adjustments from calendar 2023 totaling \$3,395,332 that impacted prior periods. The Q4 2025 distribution benefited from a lack of substantial negative adjustments, only seeing a small negative adjustment of \$10,152 for the quarter ending October 31, 2025. Finance: review the impact of the \$3,395,332 negative adjustment carryover on the 2024 distribution versus the 2025 recovery by next Tuesday.

North European Oil Royalty Trust (NRT) - Canvas Business Model: Cost Structure

You're looking at the cost structure for North European Oil Royalty Trust (NRT), and honestly, it's one of the cleanest you'll find because the Trust doesn't operate the assets. Its entire cost base is administrative overhead, not production costs. For the trailing twelve months (TTM) ending April 30, 2025, the total Operating Expenses, which cover all SG&A, amounted to just $0.79 million.

Administrative expenses, including Trustee and Managing Director fees, form the bulk of this overhead. The structure relies on a corporate trustee, American Stock Transfer & Trust Company, to oversee revenue collection and expense payment. The Managing Director, John R. Van Kirk, had a total compensation of $148,753 as of October 30, 2024. The compensation for the Independent Trustees for that same period shows specific figures:

• Lawrence Kobrin, Independent Trustee: $30.36k
• Nancy J. Prue, Independent Managing Trustee: $50.36k
• Ahron Haspel, Independent Trustee: $30.36k

Professional fees for legal, accounting, and SEC compliance are bundled into the overall operating expenses. We know from prior periods that these expenses can include listing fees on the New York Stock Exchange. Since NRT is a statutory trust, it has no employees and incurs no capital expenditures, keeping its fixed operating costs extremely low outside of these contractual and regulatory obligations.

Provisions for future anticipated expenses and taxes are not explicitly detailed in the latest distribution announcements, as distributions are based on actual royalty income received less incurred and anticipated expenses. The Trust's structure as a grantor trust for U.S. federal income tax purposes is designed for efficient cash flow pass-through, but the underlying German operations are subject to various taxes and potential future liabilities that the Trust must account for, even if not itemized in the quarterly press releases.

Here is a breakdown of the most recently reported cost components, keeping in mind that the $0.79 million figure is the TTM total for all operating expenses as of April 30, 2025:

Cost Component Category	Specific Item/Period	Amount (USD)
Total Operating Expenses (SG&A)	Trailing Twelve Months ending April 30, 2025	$790,000
Managing Director Compensation	As of October 30, 2024	$148,753
Trustee Fees (Independent Trustee Example)	Per Trustee, as of October 30, 2024	$30,360
Trustee Fees (Independent Managing Trustee Example)	Per Trustee, as of October 30, 2024	$50,360
Known Variable Expense	NYSE Listing Fees (Q2 2022 reference)	Included in Total Operating Expenses
Production/Development Costs	Cost of Goods Sold (COGS)	$0

The Trust's minimal and fixed operating costs are a direct result of its passive nature. It does not engage in exploration, drilling, or field operations. The structure is designed so that the royalty income is collected after the operating companies deduct their operating and administrative expenses from the gross production revenues.

You can see the impact of this lean structure when you look at the margins. For the TTM ending April 30, 2025, the Operating Margin was 87.18%, meaning only about 12.82% of revenue was consumed by these administrative costs. Finance: draft the full expense breakdown from the upcoming December 31, 2025, 10-K by January 15, 2026.

North European Oil Royalty Trust (NRT) - Canvas Business Model: Revenue Streams

You're looking at North European Oil Royalty Trust (NRT) and seeing a pure-play royalty structure, which means revenue is entirely derived from the production volumes and market prices of hydrocarbons in Germany, not from active operations. This makes the revenue stream highly dependent on external factors.

The primary financial metric for the trailing period is the Trailing Twelve-Month (TTM) revenue, which stood at $6.18 million ending April 30, 2025. This represented an 18.55% year-over-year increase. To give you a recent snapshot, the revenue for the second quarter of fiscal 2025, ending April 30, 2025, was reported as $2.49 million.

The revenue streams are fixed by the underlying agreements, which are the Mobil and OEG Royalty Agreements.

The sources of these royalty payments are:

• Overriding royalty payments from natural gas sales, which historically form the vast majority of the income; for example, this stream accounted for approximately 94% of 2024 royalties.
• Royalty payments from crude oil, condensate, and sulfur sales.
• The Mobil Agreement specifically includes a 2% royalty on gross receipts from sulfur, which is a by-product of sour gas.

It's crucial to remember that this revenue is subject to commodity prices and Euro/Dollar exchange rate volatility. The actual cash received is the result of scheduled payments adjusted by true-ups from the operators, which can lead to significant swings, as seen in the distribution history.

Here's a look at the key revenue-related financial figures as of late 2025:

Metric	Amount/Value	Period/Date
Trailing Twelve-Month (TTM) Revenue	$6.18 million	Ending April 30, 2025
Revenue for the Quarter	$2.49 million	Quarter Ending April 30, 2025 (Q2 2025)
Annual Revenue	$5.86 million	Fiscal Year Ending October 31, 2024
TTM Net Income	$5.39 million	Ending April 30, 2025
Cumulative 12-Month Distribution	$0.81 per unit	Ending November 2025
Fourth Quarter Distribution	$0.31 per unit	Q4 Fiscal 2025
Fourth Quarter Distribution	$0.02 per unit	Q4 Fiscal 2024

The volatility in realized income is starkly visible when you compare the quarterly distributions, which are the ultimate payout from the revenue stream. For instance, the Q4 fiscal 2025 distribution of $0.31 per unit contrasts sharply with the Q4 fiscal 2024 distribution of only $0.02 per unit. This difference highlights how adjustments and commodity pricing directly impact the cash flow available for distribution from the gross royalty revenue.

Also, note the positive adjustments that bolstered recent revenue realization. For the second quarter of fiscal 2025, positive adjustments totaled $73,451 under the Mobil Agreement and $97,508 under the OEG Agreement, plus a $57,240 Mobil sulfur royalty payment. Finance: draft 13-week cash view by Friday.